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Medical X-ray Market Size

Report ID: GMI2294
Published Date: Oct 2024
Report Format: PDF

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Medical X-ray Market Size

The global medical X-ray market size was valued at around USD 13.2 billion in 2023 and is estimated to grow at 4.9% CAGR from 2024 to 2032. Medical X-rays serve as a diagnostic imaging tool, primarily focusing on visualizing the body's internal structures, including bones, organs, and tissues.

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As a form of electromagnetic radiation, X-rays can penetrate the body. When aimed at a specific body part, different tissues absorb varying levels of radiation, resulting in an image that highlights these disparities.

The expansion of healthcare facilities and the improvement of diagnostic capabilities in emerging markets are driving market growth. Developing countries are investing in modern healthcare infrastructure, including advanced X-ray systems, to meet the increasing demand for diagnostic imaging services. For instance, according to the India Brand Equity Foundation, an initiative of the Ministry of Commerce and Industry, from April 2000 to March 2024, Foreign Direct Investment (FDI) inflows into hospitals and diagnostic centers totaled USD 10.26 billion, while medical and surgical appliances attracted USD 3.28 billion.

Medical X-ray Market Report Attributes
Report Attribute	Details
Base Year:	2023
Medical X-ray Market Size in 2023:	USD 13.2 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	4.9%
2032 Value Projection:	USD 20.1 Billion
Historical Data for:	2021 - 2023
No. of Pages:	144
Tables, Charts & Figures:	50
Segments covered:	Type, Technology, Portability, Application, End Use, and Region
Growth Drivers:	Technological advancements in diagnostic imaging in developed countries Rising prevalence of chronic diseases worldwide Growing number of diagnostic imaging procedures Presence of reimbursement for medical x-ray procedures
Pitfalls & Challenges:	Risk of high radiation exposure High cost associated with installation of medical imaging modalities

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Additionally, growing awareness of the benefits of early disease detection and advancements in mobile and portable X-ray devices are promoting the wider adoption of X-ray imaging, further fueling market expansion. The rise in the aging population, which increases the need for diagnostic imaging services for age-related conditions like osteoporosis and cardiovascular diseases, is also contributing to the market's growth. Moreover, government initiatives to improve access to healthcare in remote and underserved regions are boosting the demand for medical X-ray systems. Innovations in X-ray technology, such as digital radiography, are also driving the market, offering enhanced image quality, faster processing times, and reduced radiation exposure, making these systems more appealing to healthcare providers.

Authors: Mariam Faizullabhoy , Gauri Wani

Frequently Asked Questions (FAQ) :

The global market size for medical X-ray was valued at approximately USD 13.2 billion in 2023 and is expected to reach around USD 20.1 billion by 2032, driven by a CAGR of 4.9% from 2024 to 2032.

Digital X-ray systems accounted for the largest revenue of USD 10.5 billion in 2023, driven by their integration with telemedicine platforms and advancements in wireless and portable technologies.

North America market generated USD 4.3 billion in 2023 and is forecasted to reach USD 7.2 billion by 2032, driven by the regions well-established healthcare infrastructure.

Some of the major players in the industry include Agfa-Gevaert Group, Allengers Medical Systems, Canon, Carestream Health, Dentsply Sirona, Fujifilm Holdings Corporation, GE HealthCare Technologies, Hologic, and Koninklijke Philips N.V., driven by technological advancements in diagnostic imaging.